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LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
"Company") (Nasdaq: CBRL) today reported its financial results for the
fourth quarter and for the fiscal year ending August 3, 2012. The
Company also provided guidance for its 2013 fiscal year and first
quarter:

These trends remained positive throughout the quarter with July
showing the largest gains for comparable traffic and restaurant sales.

On a GAAP basis, earnings per diluted share were $1.47, compared to
$0.75 in the prior year quarter. Adjusted for the impact of the extra
week in the current year and certain charges in the current and prior
year, adjusted earnings per diluted share were $1.20, an 18.8%
increase over adjusted earnings per diluted share of $1.01 in the
prior year quarter. (See non-GAAP reconciliation below.)

Full Year Fiscal 2012 Highlights

On a GAAP basis, earnings per diluted share were $4.40 compared to
$3.61 in the prior year. Adjusted for the impact of the extra week in
the current year and certain charges in the current and prior year,
adjusted earnings per diluted share were $4.34, a 13.9% increase over
adjusted earnings per diluted share of $3.81 in the prior year.

Operating income increased to 7.4% of total revenue compared with
6.9% in fiscal 2011.

The Company reduced debt by $25.1 million, repurchased $14.9
million of common stock, paid $22.4 million in dividends, and
increased its cash balance by $99.7 million.

Dividend Increase and Share Repurchase Authorization

Quarterly dividend increased to $0.50 per share, a 25% increase
over the last quarterly dividend of $0.40 and a 100% increase over the
quarterly dividend declared in the first quarter of fiscal 2012 of
$0.25.

Board authorized the Company to repurchase up to $100 million of
its outstanding common stock. The Company may repurchase stock from
time to time under this authorization depending on market conditions.

Fourth-Quarter Fiscal 2012 Results

Revenue

Comparable store restaurant traffic, average check and comparable store
restaurant and retail sales for the fiscal months of May, June and July
and the fourth quarter were as follows:

May

June

July

FourthQuarter

Comparable restaurant traffic

0.3

%

0.5

%

2.8

%

1.4

%

Average check

2.1

%

2.2

%

2.6

%

2.4

%

Comparable restaurant sales

2.4

%

2.7

%

5.4

%

3.8

%

Comparable retail sales

3.3

%

2.6

%

3.3

%

3.1

%

Fiscal July was a six-week month. For the purposes of calculating
comparable store traffic, check and sales, the sixth week of the month
is compared to the comparable week in the 2012 fiscal year.

Operating Income

Operating income in the fourth quarter was $59.9 million, or 8.6% of
total revenue, compared with 6.2% in the prior year quarter. Adjusted
for the impact of the extra week, fourth quarter operating income was
7.7% of total revenue, compared with adjusted operating income in the
prior year quarter of 6.7% of total revenue. This one hundred basis
point improvement in adjusted operating income margin in the quarter was
due primarily to management's continued focus on lowering cost of goods
sold and other store operating expenses as a percent of revenues.

Fiscal 2012 Results

Total revenue for fiscal 2012 was $2.58 billion. Adjusted for the 53rd
week, total revenue increased 3.9% compared to the prior fiscal year.
Full year comparable store restaurant sales increased 2.2% on
approximately flat traffic. Comparable store retail sales increased
1.6%, and total retail sales were 20.4% of total revenue, compared to
20.6% in the prior fiscal year.

Operating income for fiscal 2012 was $191.0 million, or 7.4% of sales,
compared to $167.2 million, or 6.9% of sales, in the prior year.
Adjusted for the impact of the 53rd week, severance charges
and proxy contest expenses, operating income for the year was $188.1
million, or 7.4% of sales. In comparison, adjusted operating income in
the prior fiscal year was $168.5 million, or 6.9% of sales.

Net income was $103.1 million, or $4.40 per diluted share, compared to
$85.2 million, or $3.61 per diluted share. Adjusted for the impact of
the 53rd week and charges related to severance expenses and
the proxy contest, net income was $101.6 million, or $4.34 per diluted
share, compared to adjusted net income of $90.0 million, or $3.81 per
diluted share, representing a year-over-year increase in adjusted EPS of
13.9%.

Net cash flow provided by operating activities was $219.8 million,
compared with $138.2 million in the prior fiscal year. During fiscal
2012, capital expenditures were $80.2 million, and the Company
repurchased 265,538 shares of stock for a total of $14.9 million, paid
down $25.1 million of debt, and paid $22.4 million in dividends.

Commenting on the fourth quarter and full fiscal year results, Cracker
Barrel President and Chief Executive Officer Sandra B. Cochran said,
"The strong results of the quarter reflect the consistent focus and
execution by our management team and employees on our strategic plan.
Despite an uncertain economic backdrop, over the course of the year we
continued to make tangible, measurable improvement on the six business
priorities that we initiated in the first quarter. Broad-based
enhancements to our core business generated increases in revenue and
earnings per share. Specifically in the fourth quarter, we believe our
national advertising, menu development, and strong execution from the
operations team worked together to drive our third consecutive quarter
of positive traffic, sales and profit."

Fiscal 2013 Outlook

For fiscal 2013, the Company expects total revenue of between $2.6
billion and $2.65 billion and earnings per diluted share of between
$4.50 and $4.70. The increased revenue projection for fiscal 2013
reflects the expected opening of 12 new Cracker Barrel stores and
projected increases in comparable store restaurant and retail sales in a
range of 2.0% to 3.0%. Despite expectations for increases in food
commodity costs of between 5.0% and 6.0% for the year, the Company
projects an operating income margin of between 7.3% and 7.5% of
revenues. The Company expects depreciation expense of between $66
million and $68 million, net interest expense of between $36 million and
$38 million, and an effective tax rate of between 32% and 33%. The
Company expects capital expenditures during fiscal 2013 to be between
$90 million and $100 million.

The Company expects to report earnings per diluted share for the first
quarter of 2013 of between $1.00 and $1.05. As previously disclosed,
results for the first quarter of 2012 included the benefit of a
litigation settlement and an actuarial adjustment to workers
compensation reserves. The Company also noted that its guidance does not
include expenses related to a potential proxy contest at its annual
shareholders' meeting on November 15, 2012 or severance or other charges
related to any organizational changes. The Company reminds investors
that its outlook for fiscal 2013 reflects a number of assumptions, many
of which are outside the Company's control.

Dividend Increase and Share Repurchase
Authorization

The Board of Directors recently increased the quarterly dividend to
$0.50 per share on the Company's common stock, payable on November 5,
2012 to shareholders of record as of October 19, 2012. This represents a
25% increase over the Company's last quarterly dividend of $0.40 and a
doubling of the quarterly dividend of $0.25 declared in the first fiscal
quarter of 2012. In addition, the Board approved a new share repurchase
program for up to $100 million of the Company's outstanding common
stock. The share repurchase authorization, which is effective
immediately and replaces the prior, recently expired authorization,
permits the Company to effect repurchases from time to time through a
combination of open market repurchases, privately negotiated
transactions, accelerated share repurchase transactions, and/or other
derivative transactions.

Fiscal 2012 Fourth-Quarter Conference Call

As previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public on-line at investor.crackerbarrel.com
today beginning at 11:00 a.m. (ET). The on-line replay will be available
at 2:00 p.m. (ET) and continue through October 3, 2012.

About Cracker Barrel

Cracker Barrel Old Country Store restaurants provide a friendly
home-away-from-home in its old country stores and restaurants. Guests
are cared for like family while relaxing and enjoying real home-style
food and shopping that's surprisingly unique, genuinely fun and
reminiscent of America's country heritage…all at a fair price. The
restaurants serve up delicious, home-style country food, such as
meatloaf and homemade chicken n' dumplins, as well as our signature
biscuits using an old family recipe. The authentic old country retail
store is fun to shop and offers unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 620 Company-owned locations in 42
states. Every Cracker Barrel unit is open seven days a week with hours
Sunday through Thursday, 6 a.m. — 10 p.m., and Friday and Saturday, 6
a.m. - 11 p.m. For more information, visit: crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters
discussed in this press release may express or imply projections of
revenues or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These, and
similar statements are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the
actual performance of Cracker Barrel Old Country Store, Inc. and its
subsidiaries to differ materially from those expressed or implied by
this discussion. All forward-looking information is subject to
completion of our financial procedures for FY 2012 and is provided
pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
these factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends," "assumptions,"
"target," "guidance," "outlook," "opportunity," "future," "plans,"
"goals," "objectives," "expectations," "near-term," "long-term,"
"projection," "may," "will," "would," "could," "expect," "intend,"
"estimate," "anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology and include
the expected effects of operational improvement initiatives, such as new
menu items and retail offerings. Factors which could materially affect
actual results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional
economic weakness, weather on sales and customer travel, discretionary
income or personal expenditure activity of our customers; our ability to
identify, acquire and sell successful new lines of retail merchandise
and new menu items at our restaurants; our ability to sustain or the
effects of plans intended to improve operational or marketing execution
and performance; changes in or implementation of additional governmental
or regulatory rules, regulations and interpretations affecting tax, wage
and hour matters, health and safety, pensions, insurance or other
undeterminable areas; the effects of plans intended to promote or
protect our brands and products; commodity price increases; the ability
of and cost to us to recruit, train, and retain qualified hourly and
management employees in an escalating wage environment; the effects of
increased competition at our locations on sales and on labor recruiting,
cost, and retention; workers' compensation, group health and utility
price changes; consumer behavior based on negative publicity or concerns
over nutritional or safety aspects of our food or products or those of
the restaurant industry in general, including concerns about pandemics,
as well as the possible effects of such events on the price or
availability of ingredients used in our restaurants; the effects of our
substantial indebtedness and associated restrictions on our financial
and operating flexibility and ability to execute or pursue our operating
plans and objectives; changes in interest rates or capital market
conditions affecting our financing costs and ability to refinance all or
portions of our indebtedness; the effects of business trends on the
outlook for individual restaurant locations and the effect on the
carrying value of those locations; our ability to retain key personnel;
the availability and cost of suitable sites for restaurant development
and our ability to identify those sites; changes in land, building
materials and construction costs; the actual results of pending, future
or threatened litigation or governmental investigations and the costs
and effects of negative publicity associated with these activities;
practical or psychological effects of natural disasters or terrorist
acts or war and military or government responses; disruptions to our
restaurant or retail supply chain; changes in foreign exchange rates
affecting our future retail inventory purchases; implementation of new
or changes in interpretation of existing accounting principles generally
accepted in the United States of America ("GAAP"); and other factors
described from time to time in our filings with the Securities and
Exchange Commission, press releases, and other communications. Any
forward-looking statement made by us herein, or elsewhere, speaks only
as of the date on which made. We expressly disclaim any intent,
obligation or undertaking to update or revise any forward-looking
statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statements are based.

The Company makes reference in this release to "adjusted revenue",
"adjusted operating income," "adjusted net income," "adjusted earnings
per diluted share," and "adjusted general and administrative expenses"
before the impact of proxy contest expenses, severance and restructuring
charges and the benefit of store dispositions net of an impairment. The
Company believes that excluding these items and their related tax
effects from its financial results reflects operating results that are
more indicative of the Company's ongoing operating performance while
improving comparability to prior periods, and, as such, may provide
investors with an enhanced understanding of the Company's past financial
performance and prospects for the future. This information is not
intended to be considered in isolation or as a substitute for operating
income, net income, or earnings per share or expense information
prepared in accordance with GAAP.